NR creates property company

Network Rail has set up a property company to sell off surplus land and raise funds for rail investment. 

NR’s specialist property business, Network Rail Property, has been given greater independence by becoming a company with its own board. NR is aiming to raise £1.8bn from asset sales.

The company’s managing director is David Biggs and its chairman is Chris Gibb, who has worked in the rail industry for more than 35 years.

Network Rail said the creation of the company would allow the main board to focus on its core business of running the railway.